The Global Biostimulants Market is Estimated to Witness High Growth Owing to Rising Demand for Sustainable Farming Practices
The Global Biostimulants Market is Estimated to Witness High Growth Owing to Rising Demand for Sustainable Farming Practices
The biostimulants market holds immense potential owing to biostimulants ability to enhance nutrient uptake, abiotic stress tolerance and crop quality & yield. Biostimulants contain substances and microorganisms that trigger plant physiological processes when applied, enhancing efficiency of plants natural mechanisms to acquire nutrients from the soil and atmosphere. This reduces crop reliance on synthetic chemicals and fertilizers, leading to sustainable agriculture.
Global biostimulants market was valued at US$ 2,938.7 Mn in 2022, and is estimated to exhibit a CAGR of 10.16%, in terms of revenue, over the forecast period (2023-2030) to reach US$ 6,375.3 Mn by 2030.
Key Takeaways
Key players operating in the biostimulants market are Acadian Seaplants Limited, Biostadt India Limited, Omex Agrifluids Ltd., Italpollina Spa, Koppert B.V., Bio Atlantis Ltd., , Platform Specialty Products Corporation, BASF SE, Novozymes A/S, Agrinos A/S. Key players are focusing on new product launches and partnerships to cater to the rising demand.
The rising Biostimulants Market Demand is fueled by expanding organic farmland, government sustainability initiatives, and stringent regulations on chemical fertilizers, offering an eco-friendly boost to productivity and meeting consumer preference for organic food.
Globally, North America dominated the biostimulants market due to presence of major producers and favorable regulations. However, Asia Pacific is expected to witness highest growth owing to large agriculture base and initiative by governments to promote sustainable farming. Initiatives like 'Per Drop More Crop' by Indian government incentivizes drip irrigation and biostimulant usage for crops. Expansion of production facilities by international players in Asia and Latin America will further aid global expansion of biostimulants market.
Market Drivers
The major driver for biostimulants market is rising demand for sustainable farming practices. Continued usage of agrochemicals is depleting soil nutrients and polluting environment. Biostimulants help reduce chemical input and enhancing soil quality, aiding transition to organic agriculture. The other key driver is growing organic farmland. With increasing health awareness, demand for chemical-residue free food is rising rapidly. Biostimulants play a vital role in optimizing yields without synthetic sprays under organic cultivation. Initiatives by governments worldwide to promote sustainable agriculture through subsidies and regulations will further propel the biostimulants market growth over the forecast period.
PEST Analysis
Political: The biostimulants market is positively influenced by government policies and regulations that promote sustainable agricultural practices. Regulations have been drafted to establish a common understanding and definition of biostimulants in different countries.
Economic: Increasing adoption of organic and sustainable farming practices along with rising demand for high-value crops is boosting the adoption of biostimulants. Their ability to enhance crop yield and quality is driving their usage across various applications.
Social: Consumers are increasingly aware about the adverse effects of chemical fertilizers and pesticides on the environment and human health. This is generating demand for eco-friendly agricultural inputs like biostimulants for organic farming.
Technological: Leading players are investing in R&D to develop innovative formulations by incorporating bioactive compounds and microbial ingredients. Digital farming techniques are also helping optimize biostimulant usage.
The biostimulants market in terms of value is highly concentrated in Europe, North America, and Asia Pacific regions. Europe currently dominates the market owing to stringent regulations favoring sustainable agriculture in countries like Germany, France, and Italy. North America is another major region driven by increased demand from the US and Canada. The Asia Pacific market is projected to witness the fastest growth during the forecast period due to rising crop production in China and India.
In terms of value, Latin America has emerged as the fastest growing regional market for biostimulants. Factors such as expansion of agricultural activities, need for productivity enhancement, and supportive regulations in Brazil and Argentina are fueling demand. Growth prospects also remain high in Middle East and Africa region due to conducive climatic conditions and rising population.
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